The Illinois, US-based Teachers' Retirement System (TRS) has fired GE Asset Management (GEAM) as part of a shake-up of its US equity investment strategy.

The $661m (€717.8m) that GEAM ran on a large cap value basis will be dispersed between five existing managers: Alliance-Bernstein, Dodge & Cox, NorthPointe Capital, Neuberger Berman and Pimco.